Uber sells "flying taxi" business to Joby Aviation

Uber has agreed to sell Elevate, its "flying taxi" division, to Joby Aviation, the company said on Tuesday, confirming Axios' recent reporting. It's also investing $75 million into Joby as part of the deal.

Why it matters: Despite making a lot of noise about its ambitions for futuristic transportation, Uber has now sold off both its autonomous driving unit and its aircraft unit.

Details: Joby is taking in Uber's Elevate technology and team, and the companies plan to integrate each other's services into their respective apps as part of the deal.

• Elevate has developed software tools for functions like routing simulations and getting passengers from one transportation mode to another, and has a wealth of trip data that can be useful in planning how and where to make vertical take-off and landing aircraft service available, Joby Aviation exec chairman Paul Sciarra tells Axios.
• In addition to a new $75 million, Uber previously invested $50 million into Joby as part of the startup's most recent financing round.
• Joby declined to comment on the acquisition price and terms for the Elevate business.

The big picture: Joby is part of a slew of companies in the last few years that are hoping to diversify commercial air transportation beyond the planes we know today.

• The company says it plans to get FAA certification for its aircraft in 2023 and then work to make it available in the U.S.